A streaming video server includes a virtual file system that stores playlist data corresponding to a plurality of video programs available from at least one video source and that stores at least one initial video program segment for each of the plurality of video segments. The streaming video server receives a request for a selected one of the plurality of video programs from a client device. The selected one of the plurality of video programs is retrieved from the at least one video source in response to the request. A plurality of encoded segments are generated from the selected one of the plurality of video programs, based on rate data. A multiplexer generates a plurality of output segments from the at least one initial video program segment corresponding to the selected one of the plurality of video programs and the plurality of encoded video program segments.